GCUBE INSURES CONSTRUCTION OF EUROPES LARGEST COMMERCIAL WINDFARM
Fantanele initiative underlines increased growth in Eastern European renewable energy markets
London 16th March 2009 - GCube, a leading provider of insurance services for renewable energy initiatives, has been awarded the underwriting contract for Fantanele Wind Farm, a EUR500 million project in Romania. Through the use of 139 2.5MW GE turbines, the project will take advantage of the estimated 14,000MW* of available wind energy in Romania and marks a significant turning point for the future of Eastern European energy supplies.
As Eastern European countries seek to secure long-term energy supplies, renewables are being seen as a method of ensuring the sustainability of energy independence in the region, in the face of unreliable gas supplies from Russia.
Due to be operational towards the end of 2009, the Fantanele wind farm will become the largest commercial wind farm in Europe, topping previous efforts in Sweden and the North Sea.
"Until now, Romania has been unable to undertake large scale commercial wind energy development. Indeed, some traditional insurers have shied away from evaluating risks in the region," said Fraser McLachlan, Chief Executive Officer, GCube. "However, with five further Romanian projects already under development, as well as a raft of additional initiatives in neighbouring territories, we continue to demonstrate the importance of providing adequate financial support. This, coupled with an increasingly urgent desire to secure the future of the Eastern European energy industry, reinforces our belief that the region offers fantastic potential for future development and growth.
"With a series of Romanian projects due to come on line by 2011, the territory could overtake the traditional European wind energy leaders such as Germany and Denmark within the next five years."
Work on the first phase of Fantanele Wind Farm has already commenced and the first turbines will be operational later in 2009. Upon completion in 2010, the project is expected to have in excess of 240 turbines, generating 600MW - enough power for at least 400,000 homes.
GCube provides specialist insuring capabilities in six renewable energy sectors - wind power, biofuels, hydroelectric power, solar power and wave/tidal energy.
GCube will be exhibiting at the European Wind Energy Conference at Parc Chanot, Marseille from 16th - 19th March, stand number 1607
Ends
*Energie Verde Report, 2007
For further information please contact:
Adam Barber or Roland Godfrey-Davies
Chalk
T - 020 7405 0974
E - adam@hellochalk.com / roland@hellochalk.com
Richard Carroll
GCube
T - 020 7977 0204
E - Richard.carroll@gcube-insurance.com
About GCube
GCube provides comprehensive insurance services for the renewable energy initiatives. With its offices on both sides of the Atlantic the business has global insurance capabilities in six renewable energy sectors - wind power, biofuels, hydroelectric power, solar power, wave energy and tidal energy. Specialist cover includes transit, construction and operational risks, right through to business interruption and general liability.
